The Maine legislature recently modified various provisions of its foreclosure laws, effective September 19, 2019. Legislative Document (“L.D.”) 1327 amended the law to impose a duty of good faith upon mortgage loan servicers in dealing with homeowners. If a servicer controlling or managing a foreclosure fails to act in good faith toward the borrower, the […]
The Illinois legislature has amended its laws related to short sales and foreclosures, effective August 16, 2019. The New York legislature has amended its laws regarding vacant or abandoned property, effective August 14, 2019. Illinois Senate Bill 138 The amended law provides that if an offer to purchase either a mortgage or residential property is […]
The Minnesota legislature has amended its licensing laws with respect to manufactured home dealers and salespersons, effective August 1, 2019. The New Hampshire legislature has amended its notary laws effective August 4, 2019. Minnesota House File 990 A manufactured home dealer or salesperson is now exempt from residential mortgage originator licensing requirements if they: New […]
The Consumer Financial Protection Bureau (“CFPB”) recently updated its TILA/RESPA Integrated Disclosure (“TRID”) FAQ’s on July 31, 2019 to address questions regarding when a Loan Estimate must be provided to consumers. Generally, a creditor is responsible for ensuring that a Loan Estimate is delivered to a consumer or placed in the mail to the consumer […]
Rhode Island has enacted the Uniform Fiduciary Access to Digital Assets Act which has been enacted in various states on which we have previously reported, effective July 15, 2019. The South Carolina legislature recently amended its laws to provide a set recording fee for certain types of documents, effective August 1, 2019. Rhode Island House […]
The State of Maine recently enacted the Maine Revised Uniform Fiduciary Access to Digital Assets Act, effective June 20, 2019. The Washington legislature recently amended laws related to electronic signatures, effective July 28, 2019. Maine Legislative Document 1535 The Uniform Fiduciary Access to Digital Assets Act has been enacted in various states on which we […]
The Nevada Commissioner of Mortgage Lending (“Commissioner”) recently amended rules to add provisions regarding mortgage brokers and mortgage agents (Chapter 645B) and loan modification consultants and mortgage servicers (Chapter 645F). The rules were effective June 26, 2019. The amended rules allow the Commissioner to issue a license by endorsement as a mortgage broker, mortgage agent, […]
The North Dakota legislature recently amended its notarial laws to permit remote online notarizations, effective August 1, 2019. A notarial officer may now certify that a tangible copy of an electronic record is an accurate copy of the electronic record. “Communication technology” means an electronic device or process that: “Foreign state” means a jurisdiction other […]
The Tennessee legislature recently enacted the Online Notary Public Act, effective July 1, 2019. In addition, the Tennessee Department of State has adopted rules for the commissioning of online notary publics and the standards for performing online notarizations. Tennessee Senate Bill 1758 A person may personally appear before the officer taking an acknowledgment by: The […]
The New Mexico legislature recently amended its laws to provide for the filing of duplicate documents. The Rhode Island legislature has enacted the Uniform Real Property Electronic Recording Act (“Act”). All the legislation discussed here is effective July 1, 2019. New Mexico House Bill 293 Where an original instrument of writing is unavailable for filing […]
The Nebraska legislature recently passed the Online Notary Public Act (“Act”), effective May 30, 2019. The Nevada legislature recently amended its laws to permit an individual to simultaneously apply for appointment as a notary public and register as an electronic notary public, and amended the licensing requirements for mortgage loan originators effective July 1, 2019. […]
The Georgia legislature recently amended provisions of its laws related to mortgage lenders and mortgage brokers, effective July 1, 2019. Georgia House Bill 185 A licensed mortgage lender is authorized to engage in all activities that are authorized for a mortgage broker and, as a result, is not required to obtain a mortgage broker license. […]